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Spain's Telefonica to Increase
Long-Term Investment in Brazil

Dow Jones Newswires

Updated Feb. 9, 1999 12:01 a.m. ET

BRASILIA -- Spain's Telefonica SA, in a move to reaffirm its long-term commitment to the Brazilian economy, said it would increase its investment in the country in 1999 by three billion reals ($1.65 billion) on top of the 13 billion reals it has already invested there.

Telefonica "not only is maintaining, but is increasing, its confidence in Brazil," said the company's Chairman Juan Villalonga. It plans to install two million new phone lines in Sao Paulo, Brazil's most-populous state; and to nearly double the...